Published

Caesars Entertainment unit poised to file for bankruptcy

Casi

Caesars
no operator Caesars Entertainment is paving the way to place its operating unit into bankruptcy in 2015 after reaching an agreement with two senior creditors.

It was confirmed by Caesars on Monday that it was declining to pay a $225m interest payment that is owed to second-lien creditors, meaning that it would be in default of its debt obligations in 30 days' time.

Bloomberg reported on Friday that a meeting had taken place between Caesars and its most senior bondholders, where it was decided that Caesars will place its subsidiary Caesars Entertainment Operating Co. (CEOC) into bankruptcy by 15 January, providing that conditions are met.

The deal would cut Caesars’ annual interest payments by 75% to $450m and would reduce CEOC’s current debt by $10bn.

Caesars Entertainment has also agreed to acquire affiliate Caesars Acquisition Co. in a stock-for-stock merger that will better position the $18.4bn debt load of CEOC, according to The Wall Street Journal.
Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Soft2Bet
Scientific Games
Digitain Malta
Follow Us

Facing Facts: Q3 2024 analysis

Gambling Insider takes a look at the Q3 results of operators...

Taking stock: The final count of 2024

Gambling Insider tracks operator and supplier prices of some...

CEO Special: Flutter CEO Peter Jackson – Playing to win

As the biggest publicly traded operator in gambling meets th...

CEO Special: Holland Casino CEO Petra de Ruiter – High flier

Petra de Ruiter, Holland Casino CEO, speaks to Gambling Insi...

A welcome from your host

A message from the Founder of the Global Gaming Awards and G...

From the event manager

A message from the Event Manager of the Global Gaming Awards...

From the Awards adjudicator

KPMG in the Crown Dependencies is the official voting adjudi...

The process

The Global Gaming Awards have deservingly earned the reputat...